Economy
Smuggling May Wreck Buhari’s Economic Policy—Saraki Warns
By Modupe Gbadeyanka
Smuggling of goods into the country has been identified by the Senate President, Mr Bukola Saraki, as the greatest threat to the realization of the economic policies of the administration of President Muhammadu Buhari.
While declaring open on Monday a public hearing on tackling smuggling in the country organized by the Senate Committee on Customs, Excise and Tariffs at the National Assembly, Abuja, the number three citizen of Nigeria stressed that unless the monster of smuggling was tamed, efforts being made to diversify the economy from oil would not yield expected results.
In a statement issued by his Chief Press Secretary, Sanni Onogu, the Senate President called on the Committee and all the stakeholders present at the hearing to come up with relevant recommendations on the way forward to save the nation’s farmers, small scale industries and financial institutions from impending crisis.
“My personal presence here this morning along with the leader of the Senate is to make a point of the importance that this senate places on this subject matter,” Mr Saraki said.
“For me personally, it is my view that the singular greatest threat to our economy is this issue of smuggling. What is militating against the success of our government is this issue of smuggling,” he added.
The singular greatest threat to the delivery of the promises made by President Muhammadu Buhari on the diversification of the economy is this issue of smuggling.
“The level of smuggling that we are seeing cannot continue because they will definitely rubbish all the policies of government if allowed to go on. I am saying that with all sincerity and all level of responsibility and I tell you why. Today, the greatest threat to small holder farmers is smuggling.
“Today, rice farmers who have gone to take loans either from the CBN (Central Bank of Nigeria) or from commercial banks are being threatened by rice coming in from across the borders at highly subsidized rate.
“The meaning of that is that the imported rice will always be cheaper than those produced by our local farmers.
“A time will come, if we do not do anything that these farmers will not be able to pay their loans to the banks and this will result in serious crisis.
“The banks that have given loans to these farmers, will also have crisis in their hands. And for the central bank that has intervened with billions of Naira again will not be able to recoup their money.
“The processors who have invested in rice mills at the beginning of this administration will also be threatened if we do not address the issue of rice smuggling,” he said.
Mr Saraki also stated that if smuggling is not stopped, the over $7billion invested by the government in the last 10 years to stimulate local production will go to waste.
“As a country we have invested over $7billion over the last 10 years in stimulating local production,” Saraki said. “If we do not address the area of smuggling, this investment will go to waste. This is the severity of the issue before us today.
“Any institution, whether it is the National Assembly or any other one, in order to support the success of our President, we must join to stop smuggling, without it, we should just forget the issue of diversification or increased agricultural production.
“We will only pay lip service to issue of agricultural production if we do not address the issue of smuggling and that is why I made it a point to come here personally to drive this message.
“I am confident that with the caliber of members of this Committee and the stakeholders here, that we will use this opportunity to come out with robust solutions on the way forward”, the Senate President.
He insisted that smugglers must be stopped to prevent them from further sabotaging the economy.
“There is no government, any serious government, that will render itself helpless because we must know the individuals who are doing this smuggling. We must be able to know who they are. Is it that they are larger and bigger than government?
“Is it that we cannot stop them? Or is it that we don’t want to stop them? Or is that we lack the competence to stop them? These are the questions that we put before us today. We must stop them. Customs must do what it takes to stop smuggling. These are the largest economic saboteurs that are ruining our economy. We must be able to identify them. They must be made to realize that we are serious about this issue.
“We must be able to sanction officers who are responsible for this and we must be able to reward officers who prevent the issue of smuggling. We want this Committee to sit down for the length of days of public hearing and ask ourselves what is the way forward. I can assure you that our responsibility as a Senate is to ensure that whatever recommendations are made by this Committee we have to send them back to the executive because as I said this matter is the singular greatest threat to our economy and to this government”, he said.
The Senate President noted that while Nigeria must continue to respect international treaties, it cannot afford to do so at the detriment of its economy.
“There are other issues, of course, that have to do with the ECOWAS treaties and agreements,” Saraki said. “Yes, we are part of ECOWAS. Yes, we want to develop ECOWAS, but no serious country will allow anything that will ruin its economy at the benefit of its neighbouring countries.
“We must be able to do what is right. So on this note, all hands must be on deck to ensure that we address this problem squarely. I assure you of the greatest support of this Senate,” Mr Saraki said at the hearing.
He urged the Comptroller General of Customs, Colonel Hamid Ali to prove his mettle by stopping the incidence of smuggling across the nation’s borders.
“To the Comptroller General of Customs, let me say on a lighter note, that once you end smuggling, even if you want to wear jeans and T-Shirt, I will move the motion that you should wear jeans and T-Shirt,” Saraki said. “But on a serious note, this issue is very important. Let us all work towards ending this menace once and for all.”
Earlier, Chairman of the Senate Committee on Customs, Excise and Tariffs, Mr Hope Uzodinma, said the public hearing was part of the committee’s holistic investigation into the operations of the Comprehensive Import Supervision Scheme (CISS) with a view to identify the factors responsible for increasing rate of smuggling of goods into the country.
He said that the exercise was also aimed at proffering solutions to the menace of smuggling and recommend appropriate penalties to be visited on perpetrators.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
